The stock issues of a manufacturer for the months June to August inclusive were as follows: Date Activities Quantity (units) Cost per unit (RM) Value of stock (RM) June 1 Balance 200 2.00 400 15 Purchases 100 1.95 30 Purchases 200 2.10 Issues 150 July 1 Balance 350 21 Purchases 200 2.15 30 Issues 200 August 1 Balance 350 10 Purchases 150 2.20 21 Purchases 100 2.20 31 Issues 250 Required: Write up a stock ledger card for the months June to August and calculate the value of stock on 1st September in terms of FIFO, LIFO and AVCO method.
The stock issues of a manufacturer for the months June to August inclusive were as follows: Date Activities Quantity (units) Cost per unit (RM) Value of stock (RM) June 1 Balance 200 2.00 400 15 Purchases 100 1.95 30 Purchases 200 2.10 Issues 150 July 1 Balance 350 21 Purchases 200 2.15 30 Issues 200 August 1 Balance 350 10 Purchases 150 2.20 21 Purchases 100 2.20 31 Issues 250 Required: Write up a stock ledger card for the months June to August and calculate the value of stock on 1st September in terms of FIFO, LIFO and AVCO method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Question 2
The stock issues of a manufacturer for the months June to August inclusive were as follows:
|
Date |
Activities |
Quantity (units) |
Cost per unit (RM) |
Value of stock (RM) |
|
|
June 1 |
Balance |
200 |
2.00 |
400 |
|
|
15 |
Purchases |
100 |
1.95 |
|
|
|
30 |
Purchases |
200 |
2.10 |
|
|
|
Issues |
150 |
|
|||
|
|
|||||
|
July 1 |
Balance |
350 |
|
||
|
21 |
Purchases |
200 |
2.15 |
|
|
|
30 |
Issues |
200 |
|
||
|
|
|||||
|
August 1 |
Balance |
350 |
|
||
|
10 |
Purchases |
150 |
2.20 |
|
|
|
21 |
Purchases |
100 |
2.20 |
|
|
|
31 |
Issues |
250 |
|
Required:
Write up a stock ledger card for the months June to August and calculate the value of stock on 1st September in terms of FIFO, LIFO and AVCO method.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education